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Endo Pharmaceuticals Reports Strong Fourth Quarter Financial Results; Provides 2012 Financial Guidance
Date:2/24/2012

CHADDS FORD, Pa., Feb. 24, 2012 /PRNewswire/ -- Endo Pharmaceuticals (Nasdaq: ENDP) today reported financial results for the fourth quarter of 2011.

Total revenues during the fourth quarter of 2011 increased 57 percent to $803.4 million, compared with $511.2 million in the same quarter of 2010.  Net income for the three months ended Dec. 31, 2011, was $36.6 million, compared with $93.0 million in the comparable 2010 period.  

Additionally, adjusted net income for the three months ended Dec. 31, 2011, was $168.2 million, up 32 percent, compared with $127.6 million in the same period in 2010.  Reported diluted earnings per share for the quarter ended Dec. 31, 2011, were $0.30 compared with $0.77 reported in the fourth quarter of 2010. Adjusted diluted earnings per share for the same period were $1.40, up 32 percent from $1.06 reported in 2010.

"Endo has built a diversified platform of healthcare businesses that span branded pharmaceuticals, generics, medical devices and services, and our 2011 financial performance reinforces the execution of our growth strategy and evolution through acquisition, as well as the organic contributions and strengths of each of our business segments," said Dave Holveck, president and CEO of Endo. "We look forward to updating our investors on the sustainable growth story of our diversified business and how we are exploring new ways to deliver integrated solutions that create value for key constituencies."FINANCIAL PERFORMANCE AT A GLANCE($ in thousands, except per share amounts)4th QuarterTwelve Months Ended
December 3120112010Change20112010ChangeTotal Revenues$803,406

$511,190

57%

$2,730,121

$1,716,229

59%Reported Net Income36,594

92,985

(61)%

187,613

259,006

(28)%Reported Diluted EPS0.30

0.77

(61)%

1.55

2.20

(30)%Adjusted Net Income168,186

127,641

32%

568,153

410,361

38%Adjusted Diluted EPS$1.40

$1.06

32%

$4.69

$3.48

35%BRANDED PHARMACEUTICALSBranded pharmaceutical sales of $458 million for the fourth quarter 2011 represented an increase of 16 percent versus the prior year.  The fourth quarter performance of OPANA ER, Voltaren Gel and LIDODERM contributed to a strong full year for Endo's branded pharmaceuticals segment, which grew 13 percent versus 2010.  In the fourth quarter, OPANA ER net sales grew 46 percent on prescription growth of 40 percent.  Voltaren Gel net sales grew 23 percent on prescription growth of 34 percent.  Net sales of LIDODERM grew 12 percent on flat prescription growth.  The increase in LIDODERM net sales reflects changes as of mid November 2011, with respect to royalty obligations among Endo, Hind Healthcare, Inc., and Teikoku Seiyaku Co., Ltd.; changes which have been previously described in our filings with the U.S. Securities and Exchange Commission.

On Dec. 12, 2011, we announced the receipt of U.S. Food and Drug Administration (FDA) approval of our new formulation of OPANA ER designed to be crush-resistant.  The approval represents a significant milestone for Endo's branded pharmaceuticals portfolio.  Endo believes that this new formulation of OPANA ER, coupled with our long-term commitment to awareness and education around the appropriate use of opioids, will benefit patients, physicians and payers.  Additionally, a new patent was issued during the 4th quarter, (U.S. patent number 8,075,872) covering the new formulation of OPANA ER and is expected to provide protection until November 2023 for the new formulation of Opana ER.  

On Jan. 6, 2012, Endo announced the signing of a worldwide license and development agreement with U.S.-based BioDelivery Sciences International for BEMA® Buprenorphine.  The addition of BEMA Buprenorphine reflects Endo's continued commitment to its Branded Pharmaceuticals pain franchise and will broaden Endo's portfolio of therapeutics, allowing it to offer an integrated suite of products that currently include OPANA ER, Voltaren Gel and LIDODERM, as well as a broad range of generic pain products.

GENERICSGenerics sales of $151 million for the fourth quarter 2011 represented an increase of 131 percent over last year, reflecting Endo's acquisition of Qualitest Pharmaceuticals in November 2010.  For the twelve months ended December 31, 2011, generic sales increased approximately $420 million, an increase of 287 percent, driven by the acquisition of Qualitest Pharmaceuticals.  On a pro forma basis, generics sales grew 21 percent in 2011, reflecting the ability to capitalize on new business opportunities in generic pharmaceuticals.  

DEVICES Devices sales, driven by the June 2011 acquisition of American Medical Systems (AMS), were $142 million for the fourth quarter.  Men's Health, led by sales of the AMS 800® Artificial Urinary Sphincter, grew 7 percent on a pro forma basis in the fourth quarter of 2011, compared with same period last year.  Benign prostatic hyperplasia (BPH), led by the increasing share of procedural volumes for the GreenLight XPS™ console and the accompanying MoXy fiber, grew 1 percent on a pro forma basis in the fourth quarter of 2011.  Women's Health continued to experience pressure in the fourth quarter of 2011, following a September FDA Advisory Committee meeting, which met to discuss the use of surgical mesh products in the repair of pelvic organ prolapse and stress urinary incontinence.  

SERVICESServices sales of $52 million for the fourth quarter 2011 represented an increase of 2 percent over last year, as a result of improved access to equipment for patients and physicians.  The Company expects improved top-line growth from the Services segment in 2012 and beyond from an expanding set of partnerships in our Endocare® cryoablation therapy as well as our pilot programs involving the sales of this device through the AMS channel.  In the fourth quarter of 2011, HealthTronics Inc., completed the strategic acquisitions of Intuitive Medical Software (IMS) and meridianEMR, Inc., two providers of electronic medical records for urologists, that provide access to approximately 1,850 urologists using data platforms that will enhance service offerings in urology practice management.  

Balance Sheet UpdateDuring the fourth quarter of 2011, Endo made payments of approximately $140 million to reduce the outstanding principal of term-loan debt associated with the acquisition of AMS.  For the full year ending Dec. 31, 2011, Endo made payments of approximately $290 million to reduce the outstanding principal of term-loan debt associated with the acquisition of AMS.  At Dec. 31, 2011, the company's debt to adjusted EBITDA ratio is 3.0 times.  The company believes that it will achieve its objective of reducing its debt to adjusted EBITDA ratio to 2.0 to 2.5 times in 2013.

2012 FINANCIAL GUIDANCEEndo's estimates are based on projected results for the twelve months ended Dec. 31, 2012.  The company's guidance for reported (GAAP) earnings per share does not include any estimates for the potential future changes in the fair value of contingent consideration, certain separation benefits, asset impairment charges or for potential new corporate development transactions.  For the full year ended Dec. 31, 2012, Endo estimates:

  • Total revenue between $3.15 billion and $3.30 billion
  • Total Branded Pharmaceuticals segment revenue between $1.740 billion and $1.800 billion
  • Total Generics segment revenue between $635 million and $675 million
  • Total Devices segment revenue between $530 million and $570 million
  • Total Services segment revenue between $240 million and $260 million
  • Reported (GAAP) diluted earnings per share between $2.60 and $2.80
  • Adjusted diluted earnings per share between $5.00 and $5.20
  • Cash flow from operations between $750 million and $850 million
  • Capital expenditures to be approximately $100 million

  • Endo's 2012 guidance is based on certain current assumptions including:

  • Adjusted gross margin between 68 percent and 69 percent
  • Adjusted effective tax rate of between 30.5 percent and 31.5 percent
  • Weighted average number of common shares outstanding of 122 million shares for the year ended Dec. 31, 2012
  • Manufacturing of the new formulation of Opana ER to be at commercial scale by early Q2
  • Manufacturing of Voltaren Gel to an alternate Novartis location with product returning to market in limited capacity in early Q2, and returning to full capacity by end of Q2
  • Continued pressure in our AMS female surgical mesh business as a result of 2011 FDA Advisory Committee meeting
  • Strong business performance from our branded business portfolio of products and from Generics

  • Conference Call InformationEndo will conduct a conference call with financial analysts to discuss this news release today at 8:30 a.m. ET.  Investors and other interested parties may call 800-561-2718 (domestic) or +1 617-614-3525 (international) and enter passcode 29896529.  Please dial in 10 minutes prior to the scheduled start time.

    A replay of the call will be available from Feb. 24 at 10:30 p.m. ET until 12:00 p.m. ET on Mar. 9, 2012 by dialing 888-286-8010 (domestic) or +1 617-801-6888 (international) and entering passcode 35294180.

    A simultaneous webcast of the call can be accessed by visiting www.endo.com.  In addition, a replay of the webcast will be available until 12:00 p.m. ET on Mar. 9, 2012.  The replay can be accessed by clicking on "Events" in the Investor Relations section of the website.

    Supplemental Financial InformationThe following tables provide a reconciliation of our reported (GAAP) statements of operations to our adjusted statements of operations for each of the three months ended Dec. 31, 2011 and Dec. 31, 2010 (in thousands, except per share data): Three Months Ended December 31, 2011 (unaudited) Actual Reported (GAAP) AdjustmentsAdjustedREVENUES$  803,406

    $  —$  803,406COSTS AND EXPENSES: Cost of revenues294,781

    (61,449)

    (1)

    233,332 Selling, general and administrative242,656

    (17,225)

    (2)

    225,431 Research and development55,432

    (752)

    (3)

    54,680 Asset impairment charges93,398

    (93,398)

    (4)

    — Acquisition-related items, net4,121

    (4,121)

    (5)

    —OPERATING INCOME$  113,018

    $  176,945$  289,963INTEREST EXPENSE, NET50,882

    (4,938)

    (6)

    45,944LOSS ON EXTINGUISHMENT OF DEBT, NET3,371

    (3,371)

    (7)

    —OTHER INCOME, NET(491)

    —(491)INCOME BEFORE INCOME TAX$  59,256

    $  185,254$  244,510INCOME TAX9,343

    53,662

    (8)

    63,005CONSOLIDATED NET INCOME$  49,913

    $  131,592$  181,505Less: Net income attributable to noncontrolling interests(13,319)

    —(13,319)NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.$  36,594

    $  131,592$  168,186DILUTED EARNINGS PER SHARE$  0.30$  1.40DILUTED WEIGHTED AVERAGE SHARES120,418120,418Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations:


    1. To exclude amortization of commercial intangible assets related to marketed products of $51,925, the impact of inventory step-up recorded as part of acquisition accounting of $8,720, and certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $804.
    2. To exclude certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $3,419, amortization of customer relationships of $2,543 and the accrual of an unfavorable court decision and attorneys' fees in the matter of  Allmed Systems Inc. d/b/a Lisa Laser USA, Inc. and Lisa Laser Products OHG. vs. HealthTronics, Inc. of $11,263, which is currently pending appeal.
    3. To exclude milestone payments to partners.
    4. To exclude asset impairment charges.
    5. To exclude acquisition-related costs of $4,026 and a loss of $95 recorded to reflect the change in fair value of the contingent consideration associated with the Qualitest acquisition.
    6. To exclude additional interest expense as a result of adopting ASC 470-20.
    7. To exclude the unamortized debt issuance costs written off and recorded as a loss on extinguishment of debt upon our 2011 prepayments on our Term Loan indebtedness.
    8. To reflect the cash tax savings results from our recent acquisitions and the tax effect of the pre-tax adjustments above at applicable tax rates.
    Three Months Ended December 31, 2010 (unaudited) Actual Reported (GAAP) AdjustmentsAdjustedREVENUES$  511,190

    $  —$  511,190COSTS AND EXPENSES: Cost of revenues169,548

    (35,119 )

    (1)

    134,429 Selling, general and administrative143,203

    (675)

    (2)

    142,528 Research and development39,256

    (4,650)

    (3)

    34,606 Asset impairment charges22,000

    (22,000)

    (4)

    — Acquisition-related items, net(12,339)

    12,339

    (5)

    —OPERATING INCOME$  149,522

    $  50,105$  199,627INTEREST EXPENSE, NET13,834

    (4,476)

    (6)

    9,358OTHER INCOME, NET(1,454)

    —(1,454)INCOME BEFORE INCOME TAX$  137,142

    $  54,581$  191,723INCOME TAX31,409

    19,925

    (7)

    51,334CONSOLIDATED NET INCOME$  105,733

    $  34,656$  140,389Less: Net income attributable to noncontrolling interests(12,748)

    —(12,748)NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.$  92,985

    $  34,656$  127,641DILUTED EARNINGS PER SHARE$  0.77$  1.06DILUTED WEIGHTED AVERAGE SHARES120,516120,516Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations:


    1. To exclude amortization of commercial intangible assets related to marketed products of $30,244 and the impact of inventory step-up recorded as part of acquisition accounting of $4,875.
    2. To exclude certain costs and separation benefits incurred in connection with continued efforts to enhance the Company's operations.
    3. To exclude milestone and upfront payments to partners.
    4. To exclude asset impairment charges.
    5. To exclude acquisition-related costs of $41,231 as well as the impact, under purchasing accounting, of a gain recorded to reflect the change in the company's current estimate of fair value, in accordance with GAAP, of the contingent consideration associated with the Indevus acquisition of ($53,570).
    6. To exclude additional interest expense as a result of adopting ASC 470-20 of $4,508 and to exclude amortization of the premium on debt acquired from Indevus of ($32).
    7. To reflect the cash tax savings resulting from the Indevus, HealthTronics, Penwest and Qualitest acquisitions and the tax effect of the pre-tax adjustments above at applicable tax rates.  
    The following tables provide a reconciliation of our reported (GAAP) statements of operations to our adjusted statements of operations for each of the twelve months ended Dec. 31, 2011 and Dec. 31, 2010 (in thousands, except per share data): Twelve Months Ended December 31, 2011(unaudited) Actual Reported (GAAP) AdjustmentsAdjustedREVENUES$  2,730,121

    $  —$  2,730,121COSTS AND EXPENSES: Cost of revenues1,065,208

    (245,089)

    (1)

    820,119 Selling, general and administrative824,534

    (37,402)

    (2)

    787,132 Research and development182,286

    (19,098)

    (3)

    163,188 Asset impairment charges116,089

    (116,089)

    (4)

    — Acquisition-related items, net33,638

    (33,638)

    (5)

    —OPERATING INCOME$  508,366

    $  451,316$  959,682INTEREST EXPENSE, NET148,024

    (18,952)

    (6)

    129,072LOSS ON EXTINGUISHMENT OF DEBT, NET11,919

    (11,919)

    (7)

    —OTHER INCOME, NET(3,268)

    2,636

    (8)

    (632)INCOME BEFORE INCOME TAX$  351,691

    $  479,551$  831,242INCOME TAX109,626

    99,011

    (9)

    208,637CONSOLIDATED NET INCOME$  242,065

    $  380,540$  622,605Less: Net income attributable to noncontrolling interests(54,452)

    —(54,452)NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.$  187,613

    $  380,540$  568,153DILUTED EARNINGS PER SHARE$  1.55$  4.69DILUTED WEIGHTED AVERAGE SHARES121,178121,178Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations:


    1. To exclude amortization of commercial intangible assets related to marketed products of $184,496, the impact of inventory step-up recorded as part of acquisition accounting of $49,438, certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $2,155 and milestone payments to partners of $9,000.
    2. To exclude certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $19,666, amortization of customer relationships of $6,473 and the accrual of an unfavorable court decision and attorneys' fees in the matter of  Allmed Systems Inc. d/b/a Lisa Laser USA, Inc. and Lisa Laser Products OHG. vs. HealthTronics, Inc. of $11,263, which is currently pending appeal.
    3. To exclude milestone payments to partners.
    4. To exclude asset impairment charges.
    5. To exclude acquisition-related costs of $41,001 and a gain of $(7,363) recorded to reflect the change in fair value of the contingent consideration associated with the Indevus and Qualitest acquisitions.
    6. To exclude additional interest expense as a result of adopting ASC 470-20.
    7. To exclude the unamortized debt issuance costs written off and recorded as a loss on extinguishment of debt of $8,548 upon the early termination of our 2010 Credit Facility and $3,371 upon our 2011 prepayments on our Term Loan indebtedness.
    8. To exclude a gain on hedging activities for foreign currencies.
    9. To reflect the cash tax savings results from our recent acquisitions and the tax effect of the pre-tax adjustments above at applicable tax rates.
    Twelve Months Ended December 31, 2010 (unaudited) Actual Reported (GAAP) AdjustmentsAdjustedREVENUES$  1,716,229

    $  —$  1,716,229COSTS AND EXPENSES:Cost of revenues 

    504,757

    (90,263)

    (1)

    414,494Selling, general and administrative

    547,605

    (16,733)

    (2)

    530,872Research and development

    144,525

    (24,362)

    (3)

    120,163Asset impairment charges

    35,000

    (35,000)

    (4)

    —Acquisition-related items, net

    18,976

    (18,976)

    (5)

    —OPERATING INCOME$  465,366

    $  185,334$  650,700INTEREST EXPENSE, NET46,601

    (16,983)

    (6)

    29,618OTHER INCOME, NET(1,933)

    (239)

    (7)

    (2,172)INCOME BEFORE INCOME TAX$  420,698

    $  202,556$  623,254INCOME TAX133,678

    51,201

    (8)

    184,879CONSOLIDATED NET INCOME

    $  287,020

    $  151,355$  438,375Less: Net income attributable to noncontrolling interests 

    (28,014)

    —(28,014)NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.$  259,006

    $  151,355$  410,361DILUTED EARNINGS PER SHARE$  2.20$  3.48DILUTED WEIGHTED AVERAGE SHARES117,951117,951Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations:


    1. To exclude amortization of commercial intangible assets related to marketed products of $83,974 and the impact of inventory step-up recorded as part of acquisition accounting of $6,289.
    2. To exclude certain costs incurred with connection with continued efforts to enhance the Company's operations.
    3. To exclude a milestone-like payment and milestone and upfront payments to partners of $23,850 and certain costs incurred in connection with continued efforts to enhance the cost structure of the company of $512.
    4. To exclude asset impairment charges.
    5. To exclude acquisition-related costs of $70,396 as well as the impact, under purchase accounting, of a gain recorded to reflect the change in the company's current estimate of fair value, in accordance with GAAP, of the contingent consideration associated with the Indevus acquisition of ($51,420).
    6. To exclude additional interest expense as a result of adopting ASC 470-20 of $17,296 and to exclude amortization of the premium on debt acquired from Indevus of ($313).
    7. To exclude changes in fair value of financial instruments, net.
    8. To reflect the cash tax savings resulting from the Indevus, HealthTronics, Penwest and Qualitest acquisitions and the tax effect of the pre-tax adjustments above at applicable tax rates.
    See Endo's Current Report on Form 8-K filed today with the Securities and Exchange Commission for additional non-GAAP reconciliations and for an explanation of Endo's reasons for using non-GAAP measures.Reconciliation of Projected GAAP Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share Guidance for 2012Year EndingDecember 31, 2012Projected GAAP diluted income per common share$2.60To$2.80Upfront and milestone-related payments to partners

    $0.76$0.76Amortization of commercial intangible assets and inventory step-up

    $1.89$1.89Acquisition and integration costs related to recent acquisitions.

    $0.10$0.10Interest expense adjustment for ASC 470-20 and other treasury related items

    $0.21$0.21Tax effect of pre-tax adjustments at the applicable tax rates and certain other expected cash tax savings as a result of recent acquisitions

    ($0.56)($0.56)Diluted adjusted income per common share guidance $5.00To$5.20The company's guidance is being issued based on certain assumptions including:


  • Certain of the above amounts are based on estimates and there can be no assurance that Endo will achieve these results.
  • Includes all completed business development transactions as of February 24, 2012.
  • About Endo Endo Pharmaceuticals Holdings is a U.S.-based, specialty healthcare solutions company with a diversified business model, operating in three key business segments - branded pharmaceuticals, generics and devices and services. We deliver an innovative suite of complementary products and services to meet the needs of patients in areas such as pain management, pelvic health, urology, endocrinology and oncology. For more information about Endo Pharmaceuticals Holdings and its businesses Endo Pharmaceuticals Inc., American Medical Systems, HealthTronics and Qualitest Pharmaceuticals, please visit http://www.endo.com/.

    (Tables Attached)The following tables present Endo's unaudited Net Revenues for the three and twelve months ended Dec. 31, 2011 and 2010:

    Endo Pharmaceuticals Holdings Inc.
    Net Revenues (unaudited)
    (in thousands)Three Months Ended

    December 31Twelve Months Ended

    December 312011

    2010

    Percent
    Growth2011

    2010

    Percent
    GrowthBranded PharmaceuticalsLIDODERM®$   232,252

    $
    207,649

    12%$   825,181

    $
    782,609

    5%OPANA® ER109,118

    74,734

    46%384,339

    239,864

    60%Voltaren® Gel38,488

    31,309

    23%142,701

    104,941

    36%PERCOCET䐍,835

    30,919

    (29)%104,600

    121,347

    (14)%FROVA䐇,994

    15,401

    4%58,180

    59,299

    (2)%SUPPRELIN® LA13,683

    13,096

    4%50,115

    46,910

    7%VANTAS۔,366

    4,001

    109%18,978

    16,990

    12%VALSTARۑ,301

    4,756

    11%21,521

    14,120

    52%FORTESTA® Gel5,401

    NM14,869

    NMOther Branded Products(1)4,224

    10,071

    (58)%21,751

    68,599

    (68)%Royalty and Other Revenue3,813

    3,274

    16%15,532

    12,893

    20%Total Branded Pharmaceuticals$   458,475

    $
    395,210

    16%$   1,657,767

    $   1,467,572

    13%Total Generics$   151,423

    $
    5,522

    131%$
    566,854

    $
    46,513

    287%Devices Men's Health$   69,520

    $
    8212;

    NM$
    45,836

    $
    8212;

    NMWomen's Health39,482

    NM85,509

    NMBPH Therapy32,966

    NM68,954

    NMTotal Devices$
    41,968

    $
    8212;

    NM$
    300,299

    $
    8212;

    NMTotal Services$
    51,540

    $
    50,458

    2%$
    205,201

    $
    2,144

    101%Total Revenue$
    803,406

    $
    511,190

    57%$
    2,730,121

    $ 1,716,229

    59%(1) To conform to current year presentation, net sales from our immediate-release formulation of OPANA have been reclassified and are now included within other branded product results.The following table presents Endo's unaudited Pro forma Net Revenues for the eight quarters ended Dec. 31, 2011 giving effect to the  AMS acquisition, the Qualitest acquisition, the Penwest acquisition and the HealthTronics, Inc. acquisition as if they had occurred on Jan. 1, 2010:

    Endo Pharmaceuticals Holdings Inc.
    Net Pro Forma Revenues (unaudited)
    (in thousands)2010

    2011Q1

    Q2

    Q3

    Q4

    Q1

    Q2

    Q3

    Q4Branded PharmaceuticalsLIDODERM®

    $182,607

    $196,090

    $196,263

    $207,649

    $189,725

    $195,840

    $207,364

    $232,252OPANA® ER

    49,766

    56,555

    58,809

    74,734

    84,615

    92,853

    97,753

    109,118Voltaren® Gel

    20,362

    26,323

    26,947

    31,309

    31,298

    36,655

    36,260

    38,488PERCOCET®

    28,673

    31,805

    29,950

    30,919

    26,960

    27,675

    28,130

    21,835FROVA®

    15,082

    14,680

    14,136

    15,401

    13,208

    14,163

    14,815

    15,994SUPPRELIN® LA

    10,587

    12,209

    11,018

    13,096

    11,222

    12,515

    12,695

    13,683VANTAS®

    4,389

    4,960

    3,640

    4,001

    3,545

    2,054

    5,013

    8,366VALSTAR®

    3,750

    4,016

    1,598

    4,756

    4,801

    5,124

    6,295

    5,301FORTESTA® Gel

    (969)

    2,028

    8,409

    5,401Other Branded Products(1)

    19,257

    19,799

    19,472

    10,071

    6,970

    5,609

    4,948

    4,224Royalty and Other Revenue

    5,911

    3,647

    4,101

    3,325

    4,221

    3,751

    3,829

    3,813Total Branded Pharmaceuticals$340,384

    $370,084

    $365,934

    $395,261

    $375,596

    $398,267

    $425,511

    $458,475Total Generics$105,809

    $112,075

    $126,663

    $122,791

    $134,409

    $133,047

    $147,975

    $151,423Devices Men's Health

    $  64,480

    $  61,361

    $  55,177

    $  65,221

    $  67,407

    $  47,790

    $  66,548

    $  69,520Women's Health

    42,748

    44,491

    41,192

    48,816

    45,325

    46,689

    38,240

    39,482BPH Therapy

    25,911

    29,176

    26,890

    32,615

    28,054

    29,784

    26,731

    32,966Uterine Health(2)

    1,787

    1,340

    770

    341

    —Total Devices$134,926

    $136,368

    $124,029

    $146,993

    $140,786

    $124,263

    $131,519

    $141,968Total Services(3)$  48,389

    $  50,300

    $  51,686

    $  50,458

    $  50,103

    $  49,485

    $  54,073

    $  51,540Total Revenue$629,508

    $668,827

    $668,312

    $715,503

    $700,894

    $705,062

    $759,078

    $803,406(1) To conform to current year presentation, net sales from our immediate-release formulation of Opana have been reclassified and are now included within other branded product results.(2) The uterine health product line, Her Option® was sold to a third party in February 2010.  Revenues for 2010 consist of end-customer revenue earned prior to the date of sale, in addition to revenue earned as part of the product supply agreement with CooperSurgical, Inc., which continued through the fourth quarter of 2010.(3) The services segment does not include the pro forma impact of pre-acquisition revenues from the recently acquired electronic medical records providers, Intuitive Medical Software (IMS) and meridianEMR, Inc.The following table presents unaudited condensed consolidated Balance Sheet data at Dec. 31, 2011 and Dec. 31, 2010: December 31,2011December 31, 2010ASSETSCURRENT ASSETS:Cash and cash equivalents$  547,620

    $  466,214Accounts receivable, net733,222

    547,807Inventories, net262,419

    178,805Other assets244,835

    166,708Total current assets$1,788,096

    $  1,359,534PROPERTY, PLANT AND EQUIPMENT, NET297,731

    215,295GOODWILL2,558,041

    715,005OTHER INTANGIBLES, NET2,504,124

    1,531,760OTHER ASSETS144,591

    90,795TOTAL ASSETS$  7,292,583

    $  3,912,389LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIES:Accounts payable and accrued expenses$  993,216

    $  710,835Other current liabilities128,562

    24,993Total current liabilities$  1,121,778

    $  735,828DEFERRED INCOME TAXES617,677

    217,334LONG-TERM DEBT, LESS CURRENT PORTION, NET3,424,329

    1,045,801OTHER LIABILITIES89,208

    110,097STOCKHOLDERS' EQUITY:Total Endo Pharmaceuticals Holdings Inc. stockholders' equity$  1,977,690

    $  1,741,591Noncontrolling interests61,901

    61,738Total stockholders' equity$  2,039,591

    $  1,803,329TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$  7,292,583

    $  3,912,389The following table presents unaudited condensed consolidated statement of cash flow data for the twelve months ended Dec. 31, 2011 and 2010:20112010OPERATING ACTIVITIES:Consolidated net income$
    242,065

    $
    287,020Adjustments to reconcile consolidated net income to net cash provided by operating activities:Depreciation and amortization237,414

    108,404Stock-based compensation46,013

    22,909Amortization of debt issuance costs and premium / discount32,788

    22,013Asset impairment charges116,089

    35,000Other(71,835)

    (65,372)Changes in assets and liabilities which provided cash:99,581

    43,672Net cash provided by operating activities702,115

    453,646INVESTING ACTIVITIES:Purchases of property, plant and equipment, net(59,383)

    (19,891)Proceeds from investments and sales of trading securities85,025

    231,125Acquisition, net of cash acquired(2,393,397)

    (1,105,040)Other(6,337)

    (2,517)Net cash used in investing activities(2,374,092)

    (896,323)FINANCING ACTIVITIES:Proceeds from debt, net of principal payments1,891,584

    279,955Deferred financing fees(82,504)

    (13,563)Purchase of common stock(34,702)

    (58,974)Distributions to noncontrolling interests(53,997)

    (28,870)Other32,300

    21,881Net cash provided by financing activities1,752,681

    200,429Effect of foreign exchange rate702

    -NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS81,406

    (242,248)CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD466,214

    708,462CASH AND CASH EQUIVALENTS, END OF PERIOD$
    547,620

    $
    466,214Safe Harbor StatementThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Statements including words such as "believes," "expects," "anticipates," "intends," "estimates," "plan," "will," "may," "look forward," "intend," "guidance," "future" or similar expressions are forward-looking statements.  Because these statements reflect our current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties. Investors should note that many factors, as more fully described under the caption "Risk Factors" in our Form 10-K, Form 10-Q and Form 8-K filings with the Securities and Exchange Commission and as otherwise enumerated herein or therein, could affect our future financial results and could cause our actual results to differ materially from those expressed in forward-looking statements contained in our Annual Report on Form 10-K. The forward-looking statements in this press release are qualified by these risk factors. These are factors that, individually or in the aggregate, could cause our actual results to differ materially from expected and historical results. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.


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    SOURCE Endo Pharmaceuticals
    Copyright©2010 PR Newswire.
    All rights reserved


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